Here’s How Integrated Payroll Services and Time Tracking Can Optimize Your Business
Did you know that integrated payroll services and time tracking software can help you improve the efficiency and accuracy of your bookkeeping procedures? At Consultants In-A-Box, we understand how time-consuming and frustrating managing these areas of your business can be -- that’s why we’re here to help!
Since most business owners use separate software for their payroll management, human resources department, and time-tracking, the first step in taking control of these procedures is finding a way to house these things under one roof.
With integrated payroll systems, you don’t have to worry about making costly mistakes that could’ve been avoided with a more efficient process. You’ll have everything you need right in front of you and a majority of your responsibilities are automated.
Why Should We Avoid Manual Time-Tracking?
It doesn’t matter if you’re talking about accounting, bookkeeping, taxes, payroll, or human resources, nothing is more important to the success of these departments than accuracy. Anything that puts this accuracy at risk should be viewed as a weakness and improved upon.
There are so many things that can go wrong when tracking employees’ time manually. There might be a moment when you rush yourself and make a small mathematical mistake. You might forget to track someone’s time one day and have no way of knowing how long they truly worked for -- the same goes for breaks.
If you fail to pay your employee the right amount of money, it can have a damaging effect on your business’ reputation. Your employee makes a complaint, that employee starts to talk to other employees, other employees talk to outside sources. It’s a vicious cycle that could be avoided with a quality time tracking software tailored for your business’ needs.
Integrated Payroll Services & Human Resources
Payroll and human resources go hand-in-hand when operating a business -- no matter the size of that business. With so many different software and platforms available to assist you with your procedures in both of these areas, you have to be careful with which ones you choose.
When you have two pieces of software that don’t cooperate with each other, it doesn’t matter how amazing those two software programs are. You’ll still be vulnerable to costly mistakes, errors, and inaccuracies when operating your business.
Let’s say you have an employee that comes to you with two requests -- they need to change their address and they need to fix their timesheet because they forgot to clock out the day before. With integrated services, all you need to do is make those changes once and you’re done.
Without integrated payroll systems, you’ll need to make those changes in each software program. Furthermore, you’ll open the door to making even more mistakes. As you can imagine, this takes time. And in business, time costs money.
Benefits of Integrating Payroll, HR, & Time Tracking Software
When you can have all your procedures under one roof, it maintains a level of consistency across all departments that improves the efficiency of your business. You’ll limit mistakes and maximize the amount of time these departments have to focus on more important tasks.
The right time tracking software, payroll system, and HR headquarters will help you automatically track hours, pay, taxes, deductions, checks, direct deposit, new hire documents, employee changes, bonuses, overtime, and so much more.
Better yet, these integrated systems can work in a variety of ways to meet your business’ needs -- whether that be a bar code, magnetic stripe, biometric information, or tracking via a computer.
Let’s take a look at some of the major benefits your business receives when integrating the software you use for your payroll and human resources departments.
1. Efficiency is Key
Owning a business requires a never-ending commitment to management. You need to make sure you’re not spending too much on payroll, but also need to make sure you have enough overhead to handle the growing demand of your business.
Integrated systems allow you to keep a tab on all of these things just like you were before, but it adds a level of efficiency that was absent before. Your dashboard will tell you everything you need to know and even help you make projections for the future.
Efficiency is key to a successful business and integrated systems will get you there.
2. Moving Closer to Being Paperless
In today’s digital world, anything designed to help you stay eco-friendly makes your business more appealing to the outside world -- including investors and customers. As the world moves closer to a paperless society, your business should do the same.
Manually managing payroll and human resources tasks requires a lot of paper and a lot of ink. In business terms, that means it requires a lot of money and overhead.
Imagine how much easier it would be to ditch all the paperwork and have everything completed for you automatically. Your employee’s times are automatically tracked and recorded in the software, which is then used to automatically calculate the employee’s pay for any given pay period.
Once the pay period is complete, the checks are automatically written and direct deposits automatically sent. It’ll also be tracked in real-time and give the employee access to payroll records and history -- all without the exchange of paper.
3. Focusing Your Time Elsewhere
When your human resources and payroll departments spend the majority of their time completing tasks manually that should be completed automatically, it takes away from the time they could be spending on more important tasks.
These departments should be focused on finding new and innovative ways to find the right employees and implement the right procedures -- not manually tracking an employee’s hours. When these departments finally get the tools and resources they need to successfully do their job, you’ll be surprised by what they’re capable of.
4. Following Laws, Rules & Regulations
How many times has your company been attacked by the IRS, state governments, local agencies, or even employees due to a failure to comply with laws, rules, and regulations? It’s a common mistake made when running a business, but one that can be avoided nonetheless.
With integrated systems for each department, you’ll effectively receive notifications and alerts when something needs to be attended to. This can include employees that have reached their weekly hour limit or when an employee has entered overtime pay for their shift.
Ensuring you follow rules, laws, regulations, and guidelines when scheduling and compensating your employees is essential. In the event you are audited for something, your integrated systems will have all the documents, data, and records required for a smooth audit.
5. Keeping Employees Happy
When you hire employees, you want them to have a positive experience working for your company. It makes it easier to hire new employees when you have a good reputation and limits the amount of turnover you see on a monthly basis.
One of the keys to keeping your employees happy is a streamlined scheduling and payment process that’s free of errors and easy to access. Being able to easily track vacation time and sick pay, as well as their future schedule, makes it easier for the employee to work their personal life around their work demands.
Business owners can also set up alerts and notifications when an employee is nearing a bonus or an anniversary that might be subject to a pay increase. Being able to automatically track these things takes the guesswork out of payroll and gains trust with your employee when they see these changes made effective immediately.
6. Accessibility & Security
Data entry becomes extremely difficult when you start to introduce several different working parts and destinations before completion. The risk of making mistakes and losing information in the mix is increased without a streamlined process.
Integrated payroll systems limit the number of people entering data and maximize the number of people reviewing information for mistakes. Not only does it help detect mistakes before becoming an issue, but it gives your human resources department more time to focus on improving these procedures for the future.
In addition to that, integrated payroll services allow for better security across all platforms. Since a majority of the information you handle on a day-to-day basis is confidential and sensitive information, it’s imperative you keep it safe from thieves and hackers. You’ll be able to take control of who has authorized access to this information.
Are You Ready for Integrated Payroll Services?
Integrating your payroll and time tracking software with your other human resources software programs is one of the most beneficial things you can do to your business’ operations. It helps improve the efficiency of your HR department, increases the satisfaction of your employees, and gives you the confidence you need when running your business.
Your employees will be able to easily access their information and payroll records. This gives them exactly what they need when dealing with personal matters, as well as limiting the amount of requests your HR department receives.
As a result, it also helps give your HR department more time to focus on tasks that improve procedures and solidify the future of your business. With a majority of their previous responsibilities now automated, they can be more efficient elsewhere.
If you’re tired of seeing outdated procedures and disparate software ruin your company’s reputation, Consultants In-A-Box is ready to help. We can help you take better control of your current HR situation and improve the efficiency of time tracking, payroll, and employee management within your business.
Contact us today to learn more about how we can assist your business.
- Jordan VanMaanen